Farmers have parted with around 8pc of the 10 million Glanbia plc spin-out shares valued at over €170m since the certificates were sent out.

The move by the dairy co-op members to retain the shares follows a similar path taken by members of the Kerry Co-op.

It is understood that the figures from trading appear to indicate that around 8pc of the shares have changed hands since the spin-out late last year.

Ian Hunter, equity analyst with Investec, said they had expected most farmers to hold onto the shares rather than sell out.

He said some farmers facing pressures in the current environment with difficulties with low milk price or those looking to invest in their business might have moved to realise the value of the stocks.

"The share price peaked around mid-July and in mid-October there was a bit of a rally but it has now drifted back again," he said.

Mr Hunter said the business was under volume and pricing pressures on the international markets.

Liam Igoe, an analyst from Goodbody Stockbrokers, said they had expected the majority of farmers would hold on to the shares as per the experience in other spin-outs. The share spin-out to over 15,500 farmers was valued at €170m based on a March share price of €17.03 at the vote in May.